Barack’s Magic Bailout Pool

Remember yesterday when the President unveiled his $75 billion mortgage bailout plan?

Yeah, turns out the price tag is actually $275 billion. And some of that money is coming from what was originally supposed to be used to bail out failing banks.

Do you remember the when our elected officials were wailing and rending their clothes trying to warn us about the failing banks that were dragging us to the brink of economic Götterdämmerung? Good times. Good times.

Nowadays it’s not just banks that have us on the brink of ruin. It’s all the financial institutions except, of course for Fannie Mae and Freddie Mac which have always been rock-solid foundations of a healthy mortgage industry. Just ask Barney Frank and Chris Dodd, two of the financial super-geniuses who aren’t in any way connected to dirty mortgage-related business. It’s also roads and bridges and STDs and California fish and any other thing the Democrats could think to throw into a stimulus bill that they claim will prevent us from sliding into the abyss. Yesterday, it was just a little $350 billion bank bailout. Today that number is two billion trillion and climbing like a Saturn V five seconds after liftoff.

But that original bailout fund is still there and apparently, that dedicated fund full of money that was wrenched from us under the auspices of impending doom has now become a magic pool from which anyone wielding the Hammer of Crisis may drink deeply.

UPDATE: Linked by the TCOT Report. Thank you fellow TCOTters!

Other Posts of Interest:

• Yeah, We’re Idiots for Listening to Them
• The Bailout is Now A Trillion Dollars More Expensive than World War II. The Madness Must Stop
• Yet More on the Mortgage Mess, Including What Must Happen

Tags: Democrats, Government Bailouts, mort, President Barack Obama

Category: Our New Democratic Overlords, President Barack Obama, The Economy and Your Money, The Rise of the Nanny State